Guide to the Master of Science (MSc) in International and Monetary Economics pptx

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Institute of Economics of the University of Bern
Faculty of Business and Economics, University of Basel

Guide to the Master of Science (MSc) in
International and Monetary Economics

1 Introduction
This guide explains and specifies the program regulations that have been
ratified by the Institute of Economics of the University of Bern (VWI) and the
Faculty of Business and Economics of the University of Basel (WWZ) for the
specialized Master of Science in International and Monetary Economics (MIME).
This Master’s program is designed as a so-called “double-degree” program, i.e.
students attend courses at both universities in accordance with the jointly
defined curriculum, and at the end receive two degrees for the study program
that they have completed.

This guide contains information about the skills that graduates will acquire
and about the objectives, structure and organization of the study program. The
individual courses, which make up the modules described here, are listed in
the medium-term curriculum that is available separately. Although this guide
is ratified by the two faculties, continuous review and adaptation of the
medium-term curriculum are the responsibility of the inter-university
Governing Board for the MIME program. From time to time, this committee will
adapt the contents of the modules of the MIME program, where this seems
appropriate in view of developments in the field of science, the job market or
the staffing of the two organizations involved.

The MIME is a university-level study program lasting for three semesters. It
has been designed so that the need for coordination between both lecturers

and students, and the resources required, can be kept to a minimum. However,
the partnership between the two organizations gives rise to considerable
synergy effects, which can be harnessed in the interests of ensuring that this
Master’s program is of the highest international standard. The study program
is taught entirely in English.

1.1 The topicality of monetary policy issues
In the light of the increasingly globalized world economy, international issues
relating to monetary policy, and indeed macroeconomics in general, are
becoming ever more important. This is particularly true of an open economy
such as that in Switzerland, which earns a great deal of its income from
exporting goods and services and from investments. However, it also applies to
the EU area, which is becoming increasingly economically integrated (and is
expanding), to developing economies and even to major established economies
such as that of the USA, which are more affected by international
developments now than in the past. Since this means that purely domestic

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economic aspects are becoming less important, relatively speaking, it is
essential for the well-being of many economies to train skilled experts who are
familiar with the issues in the international economy. The recurring crises in
financial markets, and their implications for economies in general, show how
important the functioning of the monetary sector is for today’s global economy.
A sound understanding of monetary policy as well as of the financial markets
and how they are regulated is therefore indispensable, and that is exactly what
this Master’s program aims to develop.

In-depth knowledge of these subjects is essential for careers with central
banks
1

, commercial banks, insurance companies, regulatory authorities (Swiss
Federal Banking Commission, etc.) and other government agencies as well as
international organizations (International Monetary Fund, World Bank, BIZ,
OECD, WTO, etc.), or for business and economic reporting in the media. Even a
successful academic career requires students to be introduced to the very
latest in current research at an early stage. This is ensured by the high
standard of this program and the fact that specialization takes place early on.

In view of this complex environment, the MIME offers training for a specific
segment of both the Swiss and international job markets, namely in any field
where it is useful or necessary to have extensive detailed knowledge of issues
relating to macroeconomics, monetary theory and monetary policy under
consideration of the international context. The main focus is on monetary
economics and its links to international macroeconomics.

1.2 Similar programs at Swiss universities
A number of universities in Switzerland offer specialized programs in various
fields of economics. However, the fields of international economics as well as
monetary and currency theories and policies are not covered by any Swiss
university. In German-speaking countries, only the University of Frankfurt am
Main (Germany) offers a similar program.

The VWI and the WWZ are ideal partners to introduce the MIME program. Both
have many years of experience of teaching and research on the subject of
international economics and, especially, macroeconomics and monetary theory
and policy, and they have built up an excellent national and international
reputation in these fields. The two institutions also complement each other in
terms of both staff and subject matter: their areas of research and approaches
to it are sufficiently similar to allow useful and fruitful cooperation, so that the
resulting synergies can be utilized to best effect in both teaching and research.

1.3 Added value
The MIME does not see itself as competing with the regular Master of Science
in Business and Economics, which will continue to be offered in parallel at
both universities. It should rather be regarded as a supplement for students

1 It should be noted here that the market for central bank economists has now been opened
up, so Swiss economists can now apply for positions with European central banks and vice
versa.

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who, after completing their Bachelor’s degrees, want to study the above fields
in greater depth and acquire more quantitative knowledge, and who are
perhaps considering a doctorate. The added value of this program therefore lies
in the fact that it trains qualified experts in a highly specialized field, namely
monetary economics, experts who are increasingly in demand in Switzerland
and across the world. All the same, students do also attend elective courses to
ensure that general economic issues, too, are still discussed.

This program should be particularly attractive to foreign students and thus
help to boost even further the reputation of both the institutions concerned. As
a specialized Master’s degree, the MIME should primarily attract students who
specifically want to learn about international monetary economics with a view
to working in central banks and similar institutions.

2 Organization
2.1 Management
There is a Governing Board responsible for the program, consisting of members
nominated by both the faculties involved. External persons may also be
members of the Governing Board. Appointment is for two years, with the option

of being re-elected more than once. This committee is mainly responsible for
admissions and the curriculum. It is made up of an equal number of
representatives from both the faculties involved.

2.2 Secretariat
The Governing Board is supported in day-to-day business by a Secretariat. In
addition to its coordinating role, the Secretariat will also be responsible for
tasks related to marketing (Internet presence, publicity, recruitment,
placements, etc.). Some of these tasks will be carried out by the Dean of
Studies Offices of the two faculties involved.

2.3 Curriculum
At least once a year, the Governing Board will review the contents of the
curriculum and the evaluations given by the students who have enrolled in the
program. It will adapt the structure of the program if necessary and is also
responsible for coordinating the courses between the two universities. It should
be borne in mind that the majority of courses will come from the range already
available at the two faculties, reducing the scope for coordination.

3 Admission and enrollment

3.1 Admission
The following criteria represent two alternative qualifications that are sufficient
(but not essential) for admission to the MIME program with no further
conditions:


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(1) Evidence of a Bachelor’s degree in the field of Economics with at least 180
ECTS from a Swiss university-level institution, and a final grade of at least 5.0

(not rounded).
2
Foreign degrees and degrees based on different grading systems
will be treated on an equivalent basis.

(2) Evidence of a Bachelor’s degree in a discipline related to Economic Studies
(content, methodology) with at least 180 ECTS from a Swiss university-level
institution, and a final grade of at least 5.0 (not rounded), and a test result for
the GMAT test in the highest category (i.e. a result only achieved by the top
20% of candidates).

Since the program is taught in English, students must also have adequate
knowledge of the English language. For this reason, in addition to the two
alternative qualifications listed above, evidence of knowledge of English to Level
B2 of the European Language Portfolio is also required. This evidence must be
provided before commencing study. The following constitute acceptable
evidence:
• Cambridge First Certificate,
• TOEFL test with a minimum score of 520 (paper-based testing) or 190
(computer-based testing),
• a grade of at least 4.5 in English at the Swiss Matura level,
• a Bachelor’s degree from an English-speaking university.

Other applicants, or those who do not meet the requirements under (2), may be
accepted on the recommendation of the Governing Board.

3.2 Enrollment
Students are enrolled as Master’s students at the university to which they
apply for admission. The Governing Board handles admissions on behalf of the
Enrollment Office [Immatriculation] of the university to which students have

applied for admission.
Students must attend the entire basic module at the university at which they
are enrolled for the Master’s program.

4 Program objectives
In view of the potential fields of employment described above, the skills that
need to be acquired are clear. At the end of their studies, graduates of the
MIME program should

• understand the role of the central banks and bank supervisory
authorities in macroeconomic stability, especially with regard to their
international connections,
• understand the role of the central banks, bank supervisory and
regulatory authorities and private investors (commercial banks,
institutional investors, etc.) in international money markets,

2
Grading scale: 6.0 to 1.0; 4.0=satisfactory.

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• have the ability to make or assess decisions on monetary policy
according to the best scientific criteria,
• be familiar with the historical background to international economic
developments,
• be familiar with different approaches and trends in monetary policy and
the regulation of financial markets,
• be able to consider and comment on current problems.

Specific career opportunities for graduates of the program may be found, for
example, in the following areas:

• macroeconomic analysis in central or commercial banks,
• official bodies (e.g. tax or finance authorities),
• financial market supervision,
• reporting for the media,
• expert working groups for political committees or international
organizations,
• academia.

5 Program structure
5.1 Overview
The specialized Master in International Monetary Economics program is worth
90 credit points under the European Credit Transfer System (ECTS) with a
standard period of study of three semesters. With part-time study, the Master’s
program will, accordingly, take longer.
The curriculum encompasses basic, specialized and supplementary courses,
and a Master’s thesis (see description below). The focus is not only on teaching
in-depth analytical theoretical understanding of international and
macroeconomic issues, but also on developing the ability to use such
knowledge to find solutions to practical problems.

The examinations for each course will be held in accordance with the
examination system at the institution teaching that particular course.

5.2 Basic module: Advanced Topics in Economics
The complete basic module is worth 18 ECTS. The aim is to bring all the
students up to the same standard. It therefore has a broad base and includes
the basic elements of studying Economics at Master’s level (microeconomics,
macroeconomics and econometrics). The courses in this module are offered in
parallel at both universities within the framework of their normal Master’s

program. Apart from choosing at which location they will attend the individual
courses, students have no freedom to choose the content of this module.

5.3 Core module: Core Areas in Monetary Economics
Students can obtain 24 ECTS in the core module. This comprises those
courses which make this program a specialized Master’s program. They cover
the key themes of the program in terms of content. This should ensure that the

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program objectives listed in Section 4 of this document can be achieved. The
module also includes a seminar as part of which the students write and
present a seminar paper (6 ECTS). The seminar is conducted by members of
the faculties involved, but may also include experts with professional
experience and potential employers for the graduates. The courses in this
module are typically only offered at one of the two universities, so the students
have to commute between them. The module includes a minimal amount of
freedom of choice. The exact content of the module is determined by the
Governing Board.

5.4 Specialization module: Areas of Specialization in International
and/or Monetary Economics
Students can obtain 18 ECTS in the specialization module. In this module,
they can choose from a wide selection of Master’s courses at the two faculties
involved that are suitable for further specialization in the intended Master’s
program. This module can also include courses from other faculties. In the
specialization module, it is also possible to take courses that are not held in
English. The aim of the specialization module is to give students the
opportunity to build up a personal profile according to their interests or the
career they hope to pursue. However, the Governing Board ensures that the
content is to some extent related to the specialized focus of the MIME. The

Governing Board puts together a list of courses in the medium-term
curriculum that can be attended as part of the specialization module.

Courses in the core module can also be recognized for the specialization
module if the student has already obtained the necessary number of points in
the core module.


5.5 Master’s thesis
The Master’s thesis is worth 30 credit points. It therefore requires 900 hours of
work, which equates to approximately 20 weeks of full-time work. It can only
be started after the basic module has been successfully completed and at the
end of the second semester. Because of the scope of the Master’s thesis, very
high standards are set for its originality and for the intensity of the research
required. It is supervised by at least one full-time member of one of the two
faculties. The supervisor sets a subject in consultation with the student.

If the Master’s thesis is not accepted, it can be repeated once, with a new
subject being set. If the thesis is rejected once again, the student is disqualified
from the program.

6 Doctoral study programs
The Master’s program forms a natural progression to doctoral study. The
standard of the Master’s program is designed so that, even during the Master’s
program, the students are given the skills to conduct research work largely
independently. Graduates of the MIME program will be treated in the same way

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when applying for regular doctoral programs at the two faculties involved as
graduates from the non-specialized study programs at each faculty.